Reddit has decided to make Dogecoin the equivalent to GameStop after the coin began as a joke. The funding from the social media platform led to the cryptocurrency soaring over 800%. In several reports, the Dogecoin price stood at around $0.070755, which had increased to over 800% the day before- as mentioned by Coingecko. Incidentally, this price was not really that far off from the early high of $0.072330.
What Is Dogecoin?
Created back in 2013, Dogecoin had been created to immortalize the doge meme- which featured a Shiba Inu dog. Interestingly, the insignia of dogecoin has been set as a Shiba Inu. What is more ironic is that the entire cryptocurrency began as a joke- but has since then found a growing community.
Although Bitcoin is still eons ahead of Dogecoin in the cryptocurrency sector, the resurgence of this cryptocurrency is solely due to a group from Reddit called the SatoshiStreetBets. Like WallStreetBets decided to push themselves behind GameStop, SatoshiStreetBets was also enthusiastic about bringing out newer cryptocurrencies. For the uninitiated, Satoshi has been considered as the founder of Bitcoin- for several conspiracy theorists, this could also be a group and a not a particular individual.
According to Singapore time, the market cap of Dogecoin has increased to about $7.17 billion, which has been derived from a Coinmarket cap data. The total market cap of Dogecoin currently stands at $8.2 billion- which makes it the ninth most profitable cryptocurrency. Incidentally, one of the posters also referred to this cryptocurrency as the GME for GameStop.
There have also been several posts worldwide that have been talking about taking the price of dogecoin to $1 a coin. This would be remarkable, as the coin has never reached the $1 mark.